Jonjo O'Neill has ruled Cloth Cap out of the King George VI Chase at Kempton, despite running "a cracker" when sixth in the Ladbrokes Trophy Chase at Newbury on Saturday.
Under a hefty 11st 8lb, the nine-year-old was prominent in the three-and-a-quarter-mile Grade Three handicap until turning for home, before fading under Tom Scudamore.
O'Neill has no immediate plans, other than ruling him out of the Christmas showpiece.
He said: "Cloth Cap is grand, thank God. He ran grand. He won't go for the King George - he is out of that. I don't know yet what the plans are. We'll see how he goes. He ran a cracker."
It was something of a disappointing weekend for the Jackdaws Castle team, as odds-on favourite Soaring Glory failed to deliver in the Listed Ladbrokes Committed To Safer Gambling Intermediate Hurdle at the Berkshire track.
Seeking to build on success at a similar grade at Ascot, the six-year-old finished last of four to Onemorefortheroad.
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O'Neill was at a loss to explain his performance and said: "Soaring Glory is fine. Of course you'd be disappointed with that.
"There are no plans at the minute, to be honest. We'll wait and see how his is, but he is absolutely fine. If you say he is better than that, let him go and prove it!"